Simpson Company has been authorized to issue 815,000 shares of $2 par value common stock and 310,000 shares of 5%, $6 par value cumulative preferred stock. On December 31, 20Y3, 580,000 shares of the common stock and 118,000 shares of the preferred stock have been issued and are outstanding. All prior year preferred dividends have been declared and paid. If Simpson declares a $240,000 total dividend on December 31, 20Y3, how much will the preferred stockholders receive in total (not per share) when the dividend is distributed?